SIPCHEM, Sahara announce Saleh Bahamdan as CEO of new group, Al Saadon as COO
SIPCHEM and Sahara announced an amendment to the implementation agreement they signed regarding their merger. The new implementation agreement saw the appointment of Sahara’s current CEO, Saleh Bahamdan, as CEO of the combined group and the current CEO of SIPCHEM, Abdullah Al Saadon, as COO of the combined group. The news comes after SIPCHEM announced the resignation of its CEO a few weeks ago because of his appointment as Governor of the General Authority for Military Industries at rank of Minister. (Tadawul)
SIPCHEM: SAR20.82 as of 3 Apr. 2019, Rating: Buy, TP: SAR26.00/share, MCap: USD2,036mn, SIPCHEM AB/2310.SE
Sahara Petrochemicals: SAR16.78 as of 3 Apr. 2019, Rating: Buy, TP: SAR18.50/share, MCap: USD1,963mn, SPC AB/2260.SE
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